Senior Scams and Fraud - Nicole Lent-Pollard Fraud Risk Manager
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Senior Scams and Fraud Nicole Lent-Pollard Fraud Risk Manager
General Definitions
Elder Fraud: The act of targeting older adults in which
attempts are made to deceive with promises of goods,
services or financial benefits that do not exist, were never
intended to be provided or were misrepresented.
Elder Financial Exploitation: The illegal or improper use
of an older adult’s funds or property. Often occurs from a
known individual such as a caretaker or family member.
Scam: A deceptive scheme or trick used to cheat someone
out of something, especially money. Any scam can turn
into an elder fraud situation when it involves an older
adult.
2Senior citizens are one of the most
targeted groups for ID theft and fraud.
One study estimated
that scammers steal
But why?!
$2.9 billion per • Trusting/polite
year from seniors.* • Financial savings
• Often own a home
• Good credit
3
*Source: https://www.brookdale.com/en/brookdale-life/blogs/2018/03/12-common-senior-scams-and-how-to-avoid-them.htmlHow a scam starts
Mail •Phon
e call
•Socia
Dating
l
site
media
Email
4Common scams
• Grandparents scam • Romance scam • Sweepstakes/Lottery scam
• Investment scams • Investment scams • Investment scams
• Remote access • Remote access
• Sweepstakes/Lottery scam
Phone Online Mail
5How to spot a grandparents scam
Call from
someone posing
as grandchild
Caller claims to be
in trouble—often an
accident, arrest or
robbery
Caller says they
need money
quickly— either
gift cards, wire or
western union
Caller says not
to tell mom
and dad
6How to spot an investment scam
The investment
doesn’t make sense This individual is not
May ask for small
someone you have
May claim everyone amounts to start Example: Going to worked with in the
is doing it and continue raising an individual past for legitimate
the price instead of a transactions
business
May string along
You have to take
They warn you to their victim by
funds out of an
“act fast” before claiming this is the
investment account
offer expires last payment before
to do it
the payoff
7How to spot a lottery/sweepstakes scam
Won the lottery but didn’t play?
Have to send money to pay for the
taxes/fees?
KEEP CALM Form of payment or payee for
taxes/fees is suspicious
YOU ARE May be contacted via mail, phone or
online
A WINNER You’re being asked to deposit a check
that’s not from a lottery company
8How to spot a remote access scam
Often start with a tech
Remote access is
support scam/pop up
requested
asking you to call
Once remote access is achieved, there is often a transfer of funds. Sometimes between the
victim’s own accounts (i.e. savings to checking) and they are instructed there was an overpayment
and a wire/gift cards/other form of payment is needed.
9How to spot romance scams
Meet someone online through a dating site or on social media
They will ask for the conversation to go off the platform and may
ask to use a type of communication you aren’t familiar with (kik
messenger, google chat, WhatsApp, etc.)
The conversation quickly changes to money. There is often an
emergency, illness or convincing story they need money to travel
out to see you.
They ask for many personal details about you and may start
opening accounts in your name
These scams are highly profitable for the fraudster as the victim
may start draining their life savings or taking out loans
10Red flags for scams
There is often a lawyer,
You are instructed not to talk
captain, attorney or Money will come into your
to anyone about the
You have to lie to your bank someone else with a title to account and you need to
situation including family
give an authoritative send it back out
and law enforcement
appearance
You are asked to use
applications you have never You are asked to buy gift
Investments are going to an
used before and provided cards and provide the
individual name
instructions on how to log numbers over the phone
in/build an account
11How to end scams
Stop answering the
Start talking about Tell the bank the phone when they call
the situation truth and possibly get a
new phone number
12Red flags for exploitation
The individual isn’t acting like The individual expresses concerns Banking activity is changing,
them self and appears withdrawn, that bills aren’t being paid balances are decreasing and ATM
nervous or guarded withdrawals are increasing
13How to help someone who is being
financially exploited
1 2 3
Call local Adult Contact local Law Become a joint
Protective services Enforcement account owner or
Power of Attorney
(if applicable)
14How fraud is evolving
Person-to-person
Cryptocurrency payments/ Remote access
gift cards
Other scare
Money mule Threats/blackmail
tactics
15Does there have to be a financial loss
to be considered fraud?
Being a “money mule” is considered fraud
A money mule is someone who transfers or
moves illegally acquired money on behalf of
someone else.
Incoming funds that are then transferred
out, or intended to be transferred out are
also fraudulent
16Reminders
Username and passwords should not be shared. If
there is someone needed to assist with banking there
needs to be a joint owner or power of attorney
Don’t feel pressured to give out information or
money that belongs to you
Always verify a person or company by independently
researching and finding a phone number to call
Don’t answer the phone for numbers you aren’t
familiar with
Don’t feel pressured or rushed. Slow down and think
about the situation and if it makes sense.
17Thank you!
18You can also read
